Israel-Hezbollah ceasefire deal under strain amid fresh strikes
Oil market analysts are on the hook as the crucial ceasefire deal between Israel and Iran-aligned Hezbollah militants is already showing signs of strain just a week after its implementation.
PHOTO: Flags of Israel and Lebanon. Getty Images
The Israel Defense Forces (IDF) said that the Lebanon-based militant group launched projectiles into Israeli territory on Monday, violating the terms of the ceasefire agreement between the two countries.
“Hezbollah’s launches tonight constitute a violation of the ceasefire agreement between Israel and Lebanon,” the IDF said on its official social media platform X (formerly Twitter).
Following the escalation, the Israeli military carried out airstrikes on several locations in southern Lebanon, it said, striking “dozens of launchers, and terrorist infrastructure.”
“The State of Israel demands that the relevant parties in Lebanon fulfill their responsibilities and prevent Hezbollah's hostile activity from within Lebanese territory,” the IDF said.
Oil market traders and analysts are closely monitoring whether the latest developments could escalate regional tensions in the Middle East and disrupt supply, in which case oil prices will likely shoot up.
For now, Brent crude’s price seems to remain unaffected by the latest developments. The crude oil market “shrugged” the news off, as the situation was not viewed as a “potential risk to oil supply,” VANDA Insights’ founder and analyst Vandana Hari remarked.
The ceasefire agreement between Israel and Hezbollah was mediated by the US and France and took effect across the Israel-Lebanon border on Wednesday.
By Aparupa Mazumder
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